Affordable Housing Grant to Help 14 Disabled, Low-Income Citizens Achieve Homeownership

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Oct 20, 2014, 11:37 ET

JACKSON, Miss., Oct. 20, 2014 /PRNewswire-USNewswire/ -- In its continuing commitment to the community, BancorpSouth Bank has secured a $147,000 grant from the Federal Home Loan Bank of Dallas (FHLB Dallas) to help the University of Southern Mississippi Institute for Disability Studies in Hattiesburg get 14 local low-income borrowers with disabilities into homes through its "Home of Your Own" (HOYO) program.

Federal Home Loan Bank of Dallas logo

"Homeownership is an important step in investing in long-term financial stability," notes Evelyn Edwards, a vice president with BancorpSouth Bank. "Unfortunately, many families are never able to realize the American dream of homeownership because of the upfront costs associated with buying a house."

Cassie Hicks, coordinator for the HOYO program at the Institute for Disability Studies, explains that the grant from FHLB Dallas will provide borrowers with down payment and closing costs assistance.

"While we want to help get people into homes, we also want to keep them in those homes, and that is why we will also provide them with pre-purchasing counseling," says Ms. Hicks. "It's important that they understand, and are able to manage all of the expenses that go into homeownership."

The HOYO program has received numerous accolades for its success in working with the special needs population. Since 1997, the HOYO program has assisted 565 individuals and their families living in 64 Mississippi counties in becoming homeowners. In 2010, the HOYO program received its third Governors Community Project of Excellence Award for Best Homebuyer Assistance Award.

Ms. Edwards says BancorpSouth Bank is honored to partner with the university on its HOYO program. It is a highly regarded initiative that she says is making a huge impact in the community.

"Maximum impact," explains FHLB Dallas Vice President and Director of Community Investment Greg Hettrick, "is what we strive to attain with our grant programs. The needs in our communities are great, and when we cooperate and collaborate, we have a greater opportunity to effect change."

About BancorpSouth Bank
BancorpSouth Bank, a wholly-owned subsidiary of BancorpSouth, Inc., operates approximately 300 commercial banking, mortgage, and insurance locations in Alabama, Arkansas, Florida, Louisiana, Mississippi, Missouri, Tennessee and Texas, including an insurance location in Illinois.

About the Federal Home Loan Bank of Dallas
The Federal Home Loan Bank of Dallas is one of 12 district banks in the FHL Bank System created by Congress in 1932. FHLB Dallas, with total assets of $33.6 billion as of June 30, 2014, is a member-owned cooperative that supports housing and community development by providing competitively priced advances and other credit products to approximately 900 members and associated institutions in Arkansas, Louisiana, Mississippi, New Mexico, and Texas.

Contact:
Corporate Communications
Federal Home Loan Bank of Dallas
www.fhlb.com
(214) 441-8445

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SOURCE Federal Home Loan Bank of Dallas